2013 (9) TMI 987

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..... acts and in the circumstances of the case and in law, the learned Commissioner of Income-tax (Appeals) has erred in deciding that the Assessing Officer's exercise in invoking the powers under section 155(15) of the Act for substituting the stamp valuation authority's valuation by the Valuation Officer's as clearly incorrect.            2. On the facts and in the circumstances of the case and in law, the learned Commissioner of Income-tax (Appeals) has erred in deciding the action of the Assessing Officer under section 155(15) as incorrect because the report of the Valuation Officer is binding on the Assessing Officer, once the matter has been referred to the Valuation Officer. .....

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..... Assessing Officer invoked the provisions of section 155(15) of the Act and passed the modification order on June 1, 2009, rectifying his assessment order. The total income of the assessee was thus determined at Rs. 32,18,628. In these factual matrix of the case, the assessee filed an appeal before the Commissioner of Income-tax (Appeals) objecting to the invoking of the provisions of section 155(15) of the Act. 4. During the proceedings before the first appellate authority, it is the claim of the assessee that the provisions of section 155(15) should not be invoked to give effect to the valuation report of the Departmental Valuation Officer. It was submitted that the provisions of clause (b) to section 50C(2) refers to only values adopted .....

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..... of section 50C, and subsequently such value is revised in any appeal or revision or reference referred to in clause (b) of sub-section (2) of that section, the Assessing Officer shall amend the order of assessment so as to compute the capital gain by taking the full value of the consideration to be the value as so revised in such appeal or revision or reference ; and the provisions of section 154 shall, so far as may be, apply thereto, and the period of four years shall be reckoned from the end of the previous year in which the order revising the value was passed in that appeal or revision or reference." 9. Further, we have also perused the provisions of section 50C(2)(b) and the same read as follows. "50C(2). Without prejudice to the pr .....

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